Flputnam Investment Management Co. lifted its stake in Tanger Inc. (NYSE:SKT - Free Report) by 1,290.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,730 shares of the real estate investment trust's stock after buying an additional 9,030 shares during the period. Flputnam Investment Management Co.'s holdings in Tanger were worth $332,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently modified their holdings of SKT. DAVENPORT & Co LLC raised its holdings in Tanger by 1.4% during the 4th quarter. DAVENPORT & Co LLC now owns 31,462 shares of the real estate investment trust's stock valued at $1,074,000 after buying an additional 425 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of Tanger by 24.9% during the fourth quarter. GAMMA Investing LLC now owns 2,578 shares of the real estate investment trust's stock valued at $88,000 after acquiring an additional 514 shares during the last quarter. Exchange Traded Concepts LLC boosted its holdings in shares of Tanger by 12.8% during the fourth quarter. Exchange Traded Concepts LLC now owns 5,131 shares of the real estate investment trust's stock worth $175,000 after purchasing an additional 583 shares during the period. Louisiana State Employees Retirement System boosted its holdings in shares of Tanger by 1.1% during the fourth quarter. Louisiana State Employees Retirement System now owns 53,500 shares of the real estate investment trust's stock worth $1,826,000 after purchasing an additional 600 shares during the period. Finally, KBC Group NV grew its stake in shares of Tanger by 21.6% in the fourth quarter. KBC Group NV now owns 4,474 shares of the real estate investment trust's stock worth $153,000 after purchasing an additional 795 shares during the last quarter. Institutional investors own 85.23% of the company's stock.
Tanger Price Performance
SKT stock traded down $0.50 during trading on Friday, reaching $33.63. The company's stock had a trading volume of 643,465 shares, compared to its average volume of 743,867. The company has a quick ratio of 0.13, a current ratio of 0.44 and a debt-to-equity ratio of 2.09. The company's fifty day moving average is $33.91 and its 200-day moving average is $33.71. The company has a market capitalization of $3.79 billion, a P/E ratio of 38.66, a price-to-earnings-growth ratio of 2.97 and a beta of 1.91. Tanger Inc. has a 1 year low of $25.94 and a 1 year high of $37.57.
Tanger (NYSE:SKT - Get Free Report) last announced its quarterly earnings results on Wednesday, February 19th. The real estate investment trust reported $0.54 EPS for the quarter, beating analysts' consensus estimates of $0.52 by $0.02. Tanger had a return on equity of 16.16% and a net margin of 18.65%. The company had revenue of $132.17 million during the quarter, compared to analyst estimates of $129.10 million. On average, research analysts expect that Tanger Inc. will post 2.24 earnings per share for the current fiscal year.
Tanger Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were given a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.27%. The ex-dividend date was Friday, January 31st. Tanger's payout ratio is 126.44%.
Analysts Set New Price Targets
SKT has been the subject of several research analyst reports. Deutsche Bank Aktiengesellschaft started coverage on Tanger in a report on Tuesday, December 17th. They issued a "hold" rating and a $37.00 price objective for the company. BMO Capital Markets began coverage on Tanger in a research note on Tuesday, January 28th. They issued a "market perform" rating and a $36.00 price target on the stock. Citigroup raised their price objective on Tanger from $34.00 to $41.00 and gave the company a "buy" rating in a research report on Wednesday, November 13th. The Goldman Sachs Group increased their price target on shares of Tanger from $31.00 to $35.00 and gave the stock a "neutral" rating in a research note on Friday, November 15th. Finally, Bank of America raised shares of Tanger from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $35.00 to $40.00 in a research note on Monday, November 11th. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, Tanger presently has a consensus rating of "Hold" and an average target price of $36.00.
View Our Latest Stock Report on Tanger
Tanger Company Profile
(
Free Report)
Tanger Inc NYSE: SKT is a leading owner and operator of outlet and open-air retail shopping destinations, with over 43 years of expertise in the retail and outlet shopping industries. Tanger's portfolio of 38 outlet centers, one adjacent managed center and one open-air lifestyle center comprises over 15 million square feet well positioned across tourist destinations and vibrant markets in 20 U.S.
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